Credit Union Industry Strong and Resilient Amid Silicon Valley Bank Collapse
CUs who gathered at Eltropy’s “Digital Conversations For CFIs” event in San Jose on March 16 discussed reasons to stay calm and stay the course – as credit unions highlight the stability of their community lending approach
MILPITAS, Calif. – March 27, 2023 – In the wake of the recent collapse of Silicon Valley Bank (SVB) and other banks, Eltropy hosted a “Digital Conversations For CFIs” event along with the California and Nevada Credit Union League on March 16. At the event, senior leaders from Patelco Credit Union, Redwood Credit Union, and Stanford Federal Credit Union spoke confidently about the state of the industry. They expressed the need to remind and re-educate Americans about the advantages of banking with credit unions at times like these.
Eltropy Co-founder and CEO Ashish Garg, who also spoke at the event, said, “Credit unions have a lot in common with Wall Street banks when it comes to the services that they offer to consumers, but they’re distinct in many ways. For one, credit unions operate under a strict set of regulations and are not driven by profit and shareholder interests. In addition, they have more protections in place to safeguard members’ funds, so historically they’ve been protected at times when institutions such as SVB and Washington Mutual have faltered.”
While the recent collapse of Silicon Valley Bank is a reminder of the risks of over-concentrating one’s deposits at a single institution, it also highlights the importance of staying informed and being prepared for potential changes in the industry.
The next “Digital Conversations for CFIs” event will be in Pasadena, Calif., this Thursday, March 30, at the Westin Pasadena. Click here to register: https://omni.eltropy.com/event-mar30-pasadena?utm_source=press_release&utm_medium=press_release&utm_campaign=san_jose_event
